ethics and environmental law

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What is the law of supply and demand?

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The law of supply and demand is an economic principle that describes how the price and quantity of goods sold in a market are determined by the relationship between supply (how much of a good is available) and demand (how much of a good is desired by consumers).

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What happens to oil prices when production is reduced?

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When oil production is reduced, the supply decreases, leading to higher prices for oil due to increased competition among buyers.

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What is recycling?

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Recycling is the process of reclaiming raw materials from waste products and reusing them to create new products, thereby reducing waste and conserving resources.

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What is a supporting service in ecosystems?

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Supporting services are the natural processes that maintain the conditions for life on Earth, such as nutrient cycling and soil formation.

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Define scarcity in economics.

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Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

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What is a renewable resource?

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A renewable resource is a natural resource that can be replenished naturally over time, such as crops, solar energy, and wind.

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What is the difference between renewable and non-renewable resources?

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Renewable resources can be replenished naturally (e.g., crops, solar energy), while non-renewable resources are finite and cannot be replaced once used (e.g., coal, oil).

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What is opportunity cost?

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Opportunity cost is the value of the next best alternative that is forgone when making a decision.

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What are ecosystem services?

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Ecosystem services are the benefits that humans receive from ecosystems, including provisioning (food, water), regulating (climate, floods), cultural (recreational), and supporting services.

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What is environmental law?

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Environmental law encompasses the body of laws and regulations that govern the protection of the environment and natural resources.